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AGENDA RECOMMENDATION |
6.E.
City Council Regular Meeting
- Meeting Date:
- 05/27/2025
Agenda Item:
Resolution accepting petition and waiver for private utility improvements on 8th Avenue.
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
On May 12, 2025, the City Council awarded a contract for the construction of the Germania Park Phase 5 project, which includes the construction of 8th Avenue between Cleveland Street and Harper Street. At this same meeting, the City Council also approved a Land Use Amendment to properties owned by Pentagon Acquisition, LLC that anticipates development of their properties along 8th Avenue. To help facilitate this residential development, Pentagon Acquisition, LLC is asking the City to construct new private utility services as part of our street construction project and to assess the cost of these improvements to them.
The attached Petition and Waiver Agreement details the proposed improvements and the Developer’s request to be assessed for the cost of the private utility improvements. The total cost of the petitioned improvements, based on the contract awarded by the City, is estimated to be $260,228.54. 100% of the actual cost will be assessed over a period of not less than 10 years at an interest rate not to exceed 4.5%. The developer waives their rights to a public hearing and their right to appeal the assessments.
The attached Petition and Waiver Agreement details the proposed improvements and the Developer’s request to be assessed for the cost of the private utility improvements. The total cost of the petitioned improvements, based on the contract awarded by the City, is estimated to be $260,228.54. 100% of the actual cost will be assessed over a period of not less than 10 years at an interest rate not to exceed 4.5%. The developer waives their rights to a public hearing and their right to appeal the assessments.